21 December 2009

December 21st 2009 09:25




Today market may open flat as mixed and flat Asian cues.

SGX Nifty :

Hangseng : -61.42 21114.46

Nikkei : +56.38 10198.43

SSE : -19.30 3094.59

STI : 2800.18 -2.41





Stocks in News :



RIL – RNRL update

Arguments in RIL-RNRL D6 gas case conclude at SC (Supreme Court)

Solicitor General Says:

Government property being used for mergers-demergers

EGoM (Empowered Group of Minister) decided pricing, allocation can't be challenged

Govt has been subject to trial by ambush

Surprised that RIL claimed RNRL allocated gas by EGoM

RIL no more than an agent for selling gas

SEBI asks govt to mull action against RIL for allegedly routing funds to dummy cos for buying large quantity of its shares in 2000: PTI

MRF : FY09 results today

IFCI : NSE F&O curb

Drreddy : KCR warns that illegal lands acquired by Dr.Reddy and IMAX will be confiscated once Telengan is formed.

REC : FPO to hit markets in January-February 2010: Power Ministry

ONGC : declares 2 gas finds, Rs 18 per share dividend.

Bright Brothers : Open offer at Rs 50 (CMP 43)

Golden Tobacco board meet to consider development of properties.

Indiabulls Financials, Societe General sever ties for life insurance JV – FE

Petroleum Ministry has asked Finance Ministry to give infra status to E&P, also extend subsidy of LPG and Kerosene beyond March 2010 – FE

Welspun to merge 3 investment firms to unlock value, raise funds – Mint

Prime Focus earned $18 million for providing visual effects in Avatar – BS

Tata Communications ADR up 6.4%











Weekly Technical View:

Now the next crucial support is at 4940-4950 levels. Consistently close below these levels will change the market sentiments and we can expect Nifty to come till 4916 and more bold upto 4811.The weekly resistance for the Niffty is at 5040-5065 levels. Consolidation with down trend still persists. Stay cautious till breakouts either.



After making Doji candlestick previous week, Nifty showed selling pressure, which shows Bears are having control at the moment. However, Nifty is still trading above its important support at 4940 levels. As long as 4940 levels are intact, volatility and range bound scenario in 4940-5050 may take place. On breakdown of 4940 levels, selling pressure may accelerate. On short term basis, Nifty is trading below 4990 levels, which shows short term down trend is on.

For trading during the coming trading sessions, trend deciding level is 4990. If Nifty shows strength above 4990 levels then we may see rally to 5050/5090/5150.If Nifty doesn’t sustain above 4990 then decline to /4950/4850/4790 may be seen.



Recommendation for Monday- Intra Day Trading

Scrip (LTP) Action At Price For Target of Stop Loss Duration



MPHASIS (725.60) BUY ABOVE 726 742 716 1 day

DLF (357.40) SELL BELOW 357 350 363 1 day



Positional Views :



Buy:( Symbol /sl / Target / Specifications)

Sintex 238 258

Strtech 315 Abv 322

Essaroil 138 152 / 158 Abv 144

Jaysreetea 332 355

Thermax 573 598

Amarajabat 156 177 Buy at 161-163

MSKProj 94 101 / 105

HDFC* 2517 2676 Bounceback expected, buy abv 2618

HDFCBank* 1615 Bounce back exp

ICICIBank* Watch

IDFC 144 Buy at dips

ITC 239 Buy at dips







Sell :



IDBI 128 118

Jisljaleqs 848 780

Mcdowell-n 1260 1171

HDIL 344 333 / 320 Below 332

CMC 1340 1287 / 1260 Below 1287

IOC 303 291 Below 297

Dabur 166 157

DLF 366 351

Gail 405 384 Below 397

Grasim Range 2440-2370

Jpassociat 151 137 Sell below 144, Po

LT 1572 Sell 1640

Sesagoa 368 351 Below 365





Technical View: NIFTY Future

In last week, Nifty December Future opened at 5105, touched the high of 5167.50 and then due to profit taking at higher levels tested the low of 4972.10 & closed at 4986.80. The main point to be noted is that Nifty future is making lower bottoms & lower tops. Even nifty future failed to cross the high of previous week. Nifty future is broadly range bound in 5150-4950 levels. If Nifty future decline below 4950 levels then selling pressure till 4870 -4820-4770 levels may also be seen.

Trading strategy for Medium term Traders : On Medium term basis, Nifty has resistance zone of 5180-5200.

Medium term support zone is 4750-4800. Selling on rallies may be considered around 5050-5100 level with the short term SL of 5150 for the target of 4980-4920-4850.

Trading strategy for Short term Traders: Short term trend of Nifty is range bound & selling on rallies may be considered around 5035-5070 level with the SL of 5110 for the target of 4950-4920-4880. If Nifty trades below 4950 in coming few sessions, then it may test the levels of 4920-4880-4850.



Market Indices

SECTORAL INDICES

INDICES 11-Dec-09 18-Dec-09 Change

(%)

Difference

BSE

Sensex 17119.03 16719.83 -2.33% -399.2

Bankex 10106.17 9542.94 -5.57% -563.23

IT Index 4900.47 5046.65 2.98% 146.18

Metal Index 16419.26 16226.29 -1.18% -192.97

FMCG Index 2848.82 2755.94 -3.26% -92.88

Cap. Goods Index 13877.95 13686.33 -1.38% -191.62

Realty Index 3922.62 3708.76 -5.45% -213.86

Consumer Durables Index 3549.43 3530.78 -0.53% -18.65

Healthcare Index 4932.29 5117.57 3.76% 185.28

PSU Index 9306.83 9083.13 -2.40% -223.7

Mid-Cap Index 6574.49 6470.58 -1.58% -103.91

NSE

S&P CNX Nifty 5117.30 4987.70 -2.53% -129.60

Bank Nifty 9097.20 8599.95 -5.47% -497.25

CNX IT Index 5521.05 5682.80 2.93% 161.75

S&P CNX 500 4242.90 4153.05 -2.12% -89.85



GLOBAL INDICES 11-Dec-09 18-Dec-09 Change

(%)

Difference

US Market

NASDAQ 2190.31 2211.69 0.98 21.38

Dow Jones 10471.50 10328.89 -1.36 -142.61

S & P 500 1106.41 1102.47 -0.36 -3.94

European Market

FTSE 100 5261.57 5196.81 -1.23 -64.76

CAC 40 3803.72 3794.44 -0.24 -9.28

Asian Market*

Nikkei 10107.87 10142.05 0.34 34.18

Strait Times 2800.75 2802.59 0.07 1.84

Hang seng 21902.11 21175.88 -3.32 -726.23

Shanghai Comp. 3247.32 3113.89 -4.11 -133.43



Institutional Activity (Equity)

(Rs. In Cr)

Day Wise Purchase Sale Net

FII Activity

Friday 2167.80 1825.70 342.10

Monday 1830.10 1655.60 174.50

Tuesday 2295.40 2181.40 114.00

Wednesday 2215.10 2354.40 -139.30

Thursday 2534.60 2045.50 489.10

Friday (provisional) 2227.95 2434.80 -206.85

Total 13,270.95 12,497.40 773.55

DII Activity

Friday 1523.92 1531.09 -7.17

Monday 1212.42 1103.50 108.92

Tuesday 1273.19 1234.50 38.69

Wednesday 1381.57 1106.65 274.92

Thursday 1225.62 1092.34 133.28

Friday (provisional) 1391.31 1060.36 330.95

Total 8008.03 7128.44 879.59



Weekly Sectoral Roundup

Out performer Under performer Neutral

HEALTHCARE (+3.76%) BANK (-5.57%)

IT (+2.98%) REALTY (-5.45%)

AUTO (+0.21%) OIL&GAS (-4.08%)

CAPITALGOODS (-1.38%) FMCG (-3.26%)

METAL (-1.18%)



Weekly Top Gainers

Name close Last Week close %change

DR.REDDY 1207.05 1103.05 9.43

RANBAXY LAB. 530.35 497.75 6.55

A.C.C. 861.65 816.75 5.50

ASIAN PAINT 1800.05 1707.35 5.43

HCL TECHNOLO 365.30 347.50 5.12



Weekly Top Losers

Name close Last Week close %change

ICSA 166.10 184.80 ‐10.12

ANDHRA BANK 102.45 113.85 ‐10.01

MCDOWELL 1227.35 1358.90 ‐9.68

LITL 536.40 586.90 ‐8.60

BALRAMPUR C. 132.80 144.80 ‐8.29



Outlook for the Week

Nifty opened the week on a negative note at 5117.45 levels and after making initial high at 5156.70, showed selling pressure during the week. Nifty made low of 4979.05 levels and closed the week in red at 4987.70 levels with 2.53% loss. Volumes were at par with previous session. After making Doji candlestick previous week, Nifty showed selling pressure, which shows Bears are having control at the moment. However, Nifty is still trading above its important support at 4940 levels. As long as 4940 levels is intact, volatility and range bound scenario in 4940-5050 may take place. On breakdown of 4940 levels, selling

pressure may accelerate. On short term basis, Nifty is trading below 4990 levels, which shows short term down trend is on.



For trading during the coming trading sessions, trend deciding level is 4990. If Nifty shows strength above 4990 levels then we may see rally to 5050/5090/5150. If Nifty doesn’t sustain above 4990 then decline to 4950/4850/4790 may be seen.

NIFTY Futures View :

Nifty December Future opened at 5105, touched the high of 5167.50 and then due to profit taking at higher levels tested the low of 4972.10 & closed at 4986.80.

The main point to be noted is that Nifty future is making lower bottoms & lower tops. Even nifty future failed to cross the high of previous week. Nifty future is broadly range bound in 5150-4950 levels. If Nifty future decline below 4950 levels then selling pressure till 4870 -4820-4770 levels may also be seen.

Trading strategy for Medium term Traders: On

Medium term basis, Nifty has resistance zone of 5165-5200. Medium term support zone is 4700-4800.

Selling on rallies may be considered around 5050-5100 level with the short term SL of 5150 for the target of 4980-4920-4850.

Trading strategy for Short term Traders: Short term trend of Nifty is range bound & selling on rallies may be considered around 5035-5070 level with the SL of 5110 for the target of 4950-4920-4880. If Nifty trades below 4950 in coming few sessions, then it may test the levels of 4920-4880-4850.

Note : On a regular daily basis confirm the bias of the market which may give pull backs depend upon the Global markets.





Corporate Updates:

• IVRCL to develop terminal in Pardip Refinery worth Rs30bn

• Gammon India wins 220KV transmission line order from

Algeria worth Rs$22.5mn

• Pratibha Industries wins Rs1.04bn order from Delhi..

• Mcnally Bharat wins order worth Rs3.3bn from SAIL

• KEC International wins six orders worth Rs5.50bn..

• Pratibha Industries wins order worth Rs1.3bn..

• HCC wins order worth Rs3.18bn from Kolkata

News:

• ONGC to pay dividend at Rs18 per share

• Supreme Court today said it will give its verdict on the gas

dispute between Reliance Industries and Reliance Natural

Resources at a later date after both the parties concluded

their oral arguments.

• Essar Oil won three coal-bed methane blocks after an Indian

government panel rejected bids by a group led by Deep

Industries - PTI reported







Fundamental Calls:(Source)



Lloyd Electric & Engineering Ltd. : Buy

Company background

Lloyd Electric and Engineering Ltd (LEEL) is engaged in the business of condenser coils and evaporator coils. The products of the company are used as original equipment in window, package, automotive and split air Conditioners.

It also supplies to OEMs such as Samsung, LG Electronics, Carrier, Haier, Voltas, Blue Star and Indian Railways, etc. The company has five plants, three domestic and two international:-

1. Bhiwadi Distt. Alwar,Rajasthan.

2. Sirmour, Nahan Himachal Pradesh.

3. Selakui Dehradun,Uttranchal.

4. Radotin Vrazaska, Prague, Chez republic (Owned by Subsidiary).

5. Ras Al Khaimah United Arab Emirates (Owned by Subsidiary).

Installed Capacity

Type Capacity

Condensing & Evaporator Coil Set (Tonne) 12,25,000

Fan coil units /Cooling Unit 10,000

All types of air conditioners up to 15 ton capacity 4,02,000

Sheet Metal (for mfg. coil) 3,00,000

Parts of air conditioner/cooling 10,000

Investment Rationale

􀂾 Sales on the re-bound: - The Company had reported a drop in sales in FY09 over FY08. The drop was nearly

12%. This was primarily due to the melt down global market. In H1FY10; the company has reported an increase

in sales by 12%. Its PAT has also increased by 10% over HIFY09.Going forward, we expect the company to post

increase in revenue for H2FY10 too. The company would be able to maintain its PAT for H2FY10 too.

􀂾 Demand for products also picking up: - The year 2008-09 was a challenging year with global recession casting its shadow on the Indian economy, resulting in sharp contraction of demand, pressures on liquidity and adverse consumer sentiments. India remains a growth economy with demand for consumer durable robust.

Increase in Urbanization across the cities would result in increase in demand for Luxury goods such as Airconditioning.

Demand for AC from transport segment is also picking up. The analysis sales for the company for products indicates that the company had witnessed drop in volume and price for its products in FY09 over FY08, however, we believe that the situation is reversing as the company has reported better sales and profits in the last two quarters.



􀂾 Stabilizing Operating Profits: - The Company has reported an improvement of 126 Bps in PBDIT margins QoQ and 240 Bps YoY for the Q2FY10. We expect the company to maintain these margins in the coming quarters.

􀂾 Growing organically and inorganically: -In FY09, the company acquired Luvata Czech s.r.o., a manufacturer of customized finned pack heat exchangers coils in Prague, Czech Republic through its special purpose vehicle (SPV) namely Lloyd Coils Europe s.r.o, a subsidiary company. The company has recently acquired the assets of

Janka Radotin, manufacturer of the products in the field of Air Handling Units, major components of HVAC system (Heating, Venting, and Air Conditioning systems). It is well positioned to cater to European markets and significant upside in its top line and bottom-line can be expected in the coming years.

􀂾 Lloyd Coils Europe, a subsidiary of LEEL, has reported losses in tunes of Rs 19 Cr in FY09. The global economic conditions last year resulted in tough economic conditions for manufacturers across the globe. The company had acquired Luvata Czech s.r.o. through debt and GDR route and the financing cost resulted the company in reporting a loss of Rs 19cr (TCZK 7.44 Cr), although the operating loss for the company was at Rs

1.04 Cr. (TCZK 44 Lakh). We expect the subsidiary to do well in the current financial year and limit the losses in bottom-line.

􀂾 The company had not given dividend last year on account of slowdown. But with improving profitability the company can re-commence dividend payment to its shareholders. We have projected that the company can pay 10% dividend to its shareholders in FY10. However, the quantum of dividend would be influenced by losses of subsidiaries and acquisitions.

􀂾 The current order-book for the company is at Rs 400-500 Cr that is executable over the next twelve months.

Peer-set Comparison

FY09(Rs Cr) Blue Star Hitachi Home Lloyd Electric

Net Sales 2552.29 466.64 585.32

Total Income 2574.03 477.13 587.9

Total Expenditure 2296.38 439.74 537.81

PBIDT 277.65 37.39 50.09

APAT 180.29 21.07 20.37

EPS 20.04 9.18 6.57

Equity (FV) 17.99(2) 22.96(10) 31(10)

PBIDTM (%) 10.88 8.01 8.56

PATM (%) 7.06 4.52 3.48

Cmp (Rs) 359.2 136.3 61.7

P.E(x) 17.92 14.85 9.39

The peer set is not strictly comparable



Risk and Concern

􀂾 The company’s raw material cost constitutes a high percentage of its expenditure. Copper is the chief raw material for the company. Any increase in raw material cost would adversely affect its profitability.

􀂾 Sharp increase in interest rates, dwindling demand for various products impacting inventory levels and higher credit risks for the company also exist.

􀂾 Economic condition and its consequent impact on customer’s demand can affect Lloyd Electric’s sales and profitability.

􀂾 The company has been growing inorganically and acquired assets recently too. We have considered that the subsidiary of the company would be limiting its losses in this financial year. But incase this does not happen our projections can be skewed downwards.

Valuation and Recommendation

The company is rebounding from a tepid FY09 and has posted good results in H1FY10. The company reported improvement in sales by 12% in H1FY10 versus HIFY09. We expect the company to report good result in the coming quarters that would be a marked improvement over H2FY09. We have projected that the company would report an EPS of 11.88 for FY10. At CMP the scrip is trading at earnings multiple of 5.22x.We have not taken into account the

losses at company’s subsidiary, incase the subsidiary accrues similar losses the company’s bottom-line can be skewed downwards. We recommend investors to buy the stock at Rs 60 with a medium term target of Rs 70. However, due to market volatility a potential downside of 10-15% cannot be ruled out.





Mumbai based Mukand was started in 1937 by prominent industrialist of Pre-Independent era, Late Sh. Jamlal Bajaj.

He founded the Bajaj group of companies. The group now has 24 companies. Besides Bajaj Auto Ltd, the other major companies in the group include Bajaj Finserv Ltd, Bajaj Electricals Ltd , Mukand Engineers Ltd and Bajaj Hindustan Ltd (Bajaj Hindustan has separated from the group).

The major activities of the company include:

Steel Alloys

It manufactures a wide variety of steel and steel alloys like Carbon alloy steel, free-cutting steel, semi free-cutting steel, cold heading quality steel including boron steel, austenitic, ferritic and martens tic stainless steel, spring steel including chrome vanadium steel, high carbon steel, electrode quality steel, boiler quality steel etc.

It products meet various international specifications like Japanese (JIS), German (DIN) American (AISI/SAE) and Indian standards (BIS) etc.

Its products are used by a host of industries like surgical instruments, stainless steel for industrial applications, in passenger cars and commercial vehicles, seamless tubes, consumer durables, bearings, making springs for railway freight cars, components for textile machinery, components for military hardware etc.

Engineering & Machinery (E&M)

It makes engineering products like Electric Overhead Travelling (EOT) cranes, Electrical Level Luffing crane, Gantry crane, container handling crane. Bulk Material Handling Equipment, Process Plant equipments etc. used in Steel plants, Cement plants, Aluminum plants, Copper plants, Power plants, Defense, Textile etc.

Infrastructure & Trunkey Projects

Company is also constructing roads, highways, building civil, structural and mechanical work at steel plants, power plants, service structure for assembly of augmented satellite launching vehicle (ASLV) for Indian Space Research Organization (ISRO) etc.

The sales break-up of the company stands as:

Investment Rationale

• After sharp slow down during the H2 FY09 and early part of H1 FY10, there is good revival in global economies, from the mid of FY10.

• Indian economy is also back on its long term growth trajectory.

• India is emerging as a major hub for a host of global industries like Automobile, which would create demand for steel.

• The Govt is spending good funds for infrastructure development of the country, Roads, City Transportation, Power, Oil & Gas etc.

• Indian railways and Defense are also spending huge amount on hardware.

• After slow down in past 1 years, reality sector is also witnessing demand revival.

• Besides, it also provides Engineering services and products for diverse applications.

• Infrastructure division has very small share in overall business, good order inflows can be expected as Govt is giving more orders for infra projects.

• The company in JV with Vini Iron has been allotted a Coal block of 10.05 Million Tonnes. Mukand has 48.8% stake in JV Mukand Vini Minerals (P) Ltd.

• The company has expanded capacity of its plants at Kalwe-Thane and Gimigeria(Karnataka).

• It has an order book of Rs.580 Crore for Engineering & Machinery division as on 30 Sept 2009.

• It has hiked prices of alloy steel products by 5%-7% in October.

• The joint venture of the company with M/s Bekaert, Belgium (74% stake) for the manufacture of stainless steel wires has already commenced production in the month of July 2009. Mukand has 26% stake in 6000

Tonnes a year capacity, which is being further expanded to 12000 Tonnes/Year.

• There was sharp increase in Commodities prices in FY09, followed by slump in demand for finished products, which resulted in losses to the company. The company has shown good turn around after showing losses in

FY09. It is able to improve its PBIT margins in H1 FY10, compared to FY09.

Comment on Finances of the Company

• The company was incurring losses and was declared sick in FY 2003.

• It returned to profitability in 2004 and showed profits till FY 2008.

• It paid dividend in FY 2007 & 2008.

• The company ran into losses in FY2009 and had to skip dividend.

• It has reported profits in Q1 & Q2 FY 2010.

• Company is able to meet its interest costs out of current income from operations.

• The company’s Debt Equity Ratio as on 31 March 2009 was 0.8:1. The ratio had improved due to addition of Rs.12 Billion in Networth and Fixed Assets due to revaluation of land. Without revaluation, Debt-Equity Ratio is 2.73:1.

• Company plans to sell a part of the land at Deghe, Thane for Rs.700 Crore and utilize the proceeds to retire debt. A net realization of Rs.500 crore is assumed in FY2011..

• The Debt , which stood at Rs. 1471 Crore on 31 March 2009, is likely to be reduced by Rs.500 Crore.

• Its interest cost can be reduced by Rs.60 Crore due to the reduction of Debt by Rs.500 Crore. In FY2010, interest cost is estimated to be Rs.153 Crore.

• We expect the company to shown good results and return to dividend list in FY2011.

Note: In FY09, there was loss of Rs.22 Crore due to Forex Transaction. Tax Liability is likely to be Nil in FY10, as

Company has accumulated losses of last Year to set-off.

Peerset Comparison

Rs. Crore Mukand MUSCO Uttam Galva

FY 09 Total Sales 1949 1075 4372

FY 09 PBDIT ‐54 32 359

FY 09 Net ‐189 ‐19 106

H1 FY10 Total Sales 965 493 2176

H1 FY 10 PBDIT 135 32 208

H1 FY 10 Net 31 ‐3 51

Equity (FV 10) 73 32 120

H1 FY 10 PBDIT (%) 14 6.49 9.56

H1 FY 10 NPM (%) 3.21 ‐0.61 2.34

H1 FY 10 EPS

(Anlzd) 8.49 ‐1.88 8.50

CMP (Rs.) 61 52 118

PE X H1 EPS 7.18 13.88

Risks

• There is cyclicality in business. Company has suffered losses during down cycle.

• Production from company’s ore mines stopped during FY09, it has to acquire Iron ore from the market. The

production from this mine has not yet started. The ability of the management to acquire Iron Ore at

appropriate prices will impact margins of the company.

• Company’s new capacities will take some time, before they start yielding results.

• The company suffered Cash losses in FY09. It has tight Cash in hand situation.

• It is not a consistent dividend payer. During late 1990s, it became sick with the down turn in steel cycle. It

recovered by 2004-05. It paid dividend in FY2007 & FY 2008, again skipped dividend in FY2009 as it went

into losses.

Valuation & Recommendation: High Risk Long Term Investors may BUY.

Mukand Ltd is witnessing a turn around in performance in FY10, after dismal FY09. It is likely to report an EPS of

Rs.8/Share and cash EPS of Rs.16/Share in FY10. At CMP Rs. 61/Share, it trades at 7.6 PE and 3.8 Cash PE on FY

10 estimates. We expect company to reduce its Debt burden significantly in FY11, by selling a part of land. High risk

investors can BUY at CMP Rs.60, for a target of Rs.72 i.e. 9 PE and 4.5 Cash PE on FY 10 estimates. If Debt cost is

reduced, it can show an EPS of Rs. 15 in FY 2011. At CMP Rs.61, it trades at just 4 PE on FY 2011 estimates post

restructuring.



Derivatives Statistics

PCR December. 2009 OPEN INTEREST

SYMBOL PREV.WEEK

CURR.

WEEK %CHG PREV. WEEK CURR. WEEK %CHG

ALL INDEX 0.8649 0.859 -0.68 28781056 26690264 -7.26

ALL STOCK 0.1526 0.1777 16.45 1369208140 1296697185 -5.30

NIFTY 0.8649 0.8591 -0.67 27458756 24984814 -9.01

RELIANCE 0.1669 0.1816 8.81 10536600 10078800 -4.34

SBIN 0.1954 0.1693 -13.40 3375372 3459456 2.49

ICICIBANK 0.1276 0.1923 50.71 12197850 9697450 -20.50

TATASTEEL 0.1606 0.1858 15.69 14014052 11873324 -15.30

BHARTIARTL 0.2603 0.2903 11.53 16780500 15346500 -8.55

DLF 0.1376 0.1784 29.65 10465600 11361600 8.56

SUZLON 0.1028 0.132 28.40 53730000 50487000 -6.04

UNITECH 0.1036 0.1558 50.39 56349000 59665500 5.89

IFCI 0.0799 0.1042 30.41 89721680 81944120 -8.67

RCOM 0.1276 0.1371 7.45 23067800 21071400 -8.65

INFOSYSTCH 0.3174 0.6519 105.40 2403800 2638800 9.78

SAIL 0.2962 0.3705 25.08 9069300 6836400 -24.60

TATAMOTORS 0.1842 0.248 34.64 14359050 11622050 -19.10

RNRL 0.0330 0.039 18.18 30696384 28246824 -7.98

IDBI 0.0540 0.0738 36.67 14704800 13833600 -5.92

IDFC 0.0389 0.0777 99.74 14269150 14929950 4.63

HINDALCO 0.1943 0.2408 23.93 24056084 20703430 -13.90

HDIL 0.0742 0.0882 18.87 6390918 6309648 -1.27

HINDUNILVR 0.1215 0.1834 50.95 13081000 7846000 -40.00

ORCHIDCHEM 0.0174 0.0573 229.30 7652400 7274400 -4.94

IDEA 0.2050 0.2483 21.12 28139400 31986900 13.67

JPASSOCIAT 0.0724 0.1267 75.00 10148625 13740320 35.39

ONGC 0.0841 0.0604 -28.20 1662525 1377225 -17.20

NTPC 0.0712 0.1235 73.46 14036750 11285625 -19.60

JINDALSTEL 0.0541 0.0528 -2.40 7107840 6360960 -10.50

BALRAMCHIN 0.0326 0.0416 27.61 18237600 18703200 2.55

ESSAROIL 0.0039 0.0063 61.54 18172440 18183736 0.06

ISPATIND 0.0589 0.0989 67.91 74774700 71575050 -4.28

LT 0.1205 0.2528 109.80 3799400 3639600 -4.21

RANBAXY 0.1207 0.1337 10.77 3584000 3040800 -15.20



Nifty Stock Level (Cash)

SCRIPS LTP R1 R2 S1 S2 trend

ABB LTD. 762.70 770.00 778.00 751.00 739.00 Uptrend

A.C.C. 861.65 885.00 908.00 828.00 793.00 Uptrend

AMBUJACEM 98.30 101.00 104.00 96.00 93.00 Uptrend

AXISBANK 934.3 993.00 1053.00 895.00 856.00 Downtrend

BHARTIARTL 317.85 337.00 357.00 299.00 280.00 Downtrend

BHEL 2318.70 2399.00 2480.00 2269.00 2219.00 Downtrend

BHARAT PETRO 595.40 623.00 651.00 579.00 562.00 Downtrend

CAIRN 270.05 274.00 278.00 266.00 262.00 Uptrend

CIPLA 356.55 368.00 379.00 342.00 326.00 Uptrend

DLF 357.40 379.00 400.00 346.00 333.00 Downtrend

GAIL 401.50 420.00 438.00 390.00 377.00 Downtrend

GRASIM IND. 2402.00 2478.00 2554.00 2349.00 2295.00 Uptrend

HCL TECHNOLO 365.30 392.00 419.00 336.00 306.00 Uptrend

HDFC BANK 1664.10 1761.00 1858.00 1607.00 1549.00 Downtrend

HERO HONDA 1672.9 1701.00 1730.00 1642.00 1611.00 Downtrend

HINDALCO 142.85 147.00 152.00 139.00 135.00 Uptrend

HINDUNILVR 263.35 271.00 280.00 258.00 253.00 Downtrend

ICICI BANK 809.35 851.00 893.00 786.00 762.00 Downtrend

IDEA 56.95 60.00 63.00 54.00 50.00 Downtrend

IDFC 153.2 473.00 510.00 416.00 395.00 Downtrend

INFOSYS TECH 2525.95 2582.00 2638.00 2460.00 2393.00 Uptrend

ITC 247 253.00 260.00 243.00 239.00 Downtrend

JINDL STL&PO 707.65 735.00 762.00 693.00 677.00 Downtrend

JPASSOCIATEQ 147.40 154.00 161.00 142.00 136.00 Downtrend

LT EQ 1650.05 1700.00 1750.00 1622.00 1593.00 Downtrend

MAH & MAH 1054.65 1084.00 1113.00 1017.00 978.00 Uptrend

MARUTI 1548.80 1605.00 1662.00 1513.00 1477.00 Downtrend

NTPC EQ 207.30 210.00 213.00 205.00 202.00 Downtrend

ONGC CORP. 1185.25 1209.00 1233.00 1171.00 1156.00 Downtrend

PNB 887.7 918.00 949.00 864.00 840.00 Downtrend

POWERGRID 104.55 106.00 108.00 103.00 101.00 Downtrend

RANBAXY LAB. 530.35 545.00 560.00 505.00 479.00 Uptrend

RCOM 172 182.00 193.00 166.00 160.00 Downtrend

REL.CAPITAL 818.7 847.00 876.00 803.00 787.00 Downtrend

RELIANCE 1007.65 1060.00 1113.00 980.00 952.00 Downtrend

RELINFRA 1029 1080.00 1131.00 983.00 936.00 Downtrend

RPOWER 143.8 149.00 154.00 140.00 135.00 Downtrend

SAIL 213.1 219.00 225.00 207.00 200.00 Uptrend

STATE BANK 2145.35 2246.00 2347.00 2085.00 2024.00 Downtrend

SIEMENS 553.55 571.00 590.00 537.00 521.00 Uptrend

STEEL AUTHOR 213.1 219.00 225.00 207.00 200.00 Uptrend

STER EQ 818 846.00 875.00 795.00 772.00 Downtrend

SUN PHARMA. 1504.75 1538.00 1571.00 1457.00 1408.00 Uptrend

SUZLON 82.25 86.00 90.00 78.00 73.00 Downtrend

TATAMOTORSEQ 733.95 755.00 777.00 698.00 662.00 Uptrend

TATA POWER 1318.5 1360.00 1401.00 1293.00 1266.00 Downtrend

TATASTEEL 563.25 578.00 593.00 544.00 524.00 Uptrend

TCS EQ 727.5 741.00 755.00 704.00 681.00 Uptrend

UNITECH LTD 80.2 86.00 92.00 77.00 73.00 Downtrend

WIPRO 674.7 698.00 723.00 647.00 620.00 Uptrend









Updates :





BSE revises transaction charges in derivatives segment



The Bombay Stock Exchange (BSE) is introducing revised transaction charges in the equity derivatives segment with effect from Tuesday, December 29, 2009. The targeted reduction in effective spreads and impact costs, along with the innovative fee structure, can potentially result in substantially lower transaction costs for all market participants.

This new pricing scheme is designed to improve depth and liquidity in the BSE equity derivatives segment. It will help shrink quoted spreads and thus reduce impact cost. The proposed structure is a transparent and equitable way to attract liquidity to the BSE platform.

When combined with mid-month expiration design, the BSE index and single stock futures and options markets now provide a whole new range of hedging, investment and trading opportunities to Exchange members and their retail and institutional clients.

The following transaction charges will apply with effect from Tuesday, December 29, 2009 in BSE’s derivatives segment:

Futures & Options Transaction charges applicable for Passive orders inclusive of IPF and TGF charges Transaction charges applicable for Active orders inclusive of IPF and TGF charges

Stock Futures and Index futures (on execution) (Rs.1 per lakh) # Rs.1.5 per lakh

Stock Options and Index options (on execution) (Rs.15 per lakh)## Rs.20 per lakh















IPF: Investor Protection Fund TGF: Trade Guarantee Fund

# (Rs 1 per lakh) will mean that the Exchange will pay Rs. 1 per lakh of transaction value to the member who has placed passive order in the order book which has matched in Stock Futures or Index Futures.

## (Rs. 15 per lakh) will mean that the Exchange will pay Rs. 15 per lakh of the total premium paid to the member who has placed passive order in the order book which has matched in Stock Options or Index Options.

The above transaction charges will be applicable uniformly across all valid orders executed in the Exchange’s Equity Derivatives segment. Executed orders will be identified as passive or active on the basis of their respective time stamps assigned by the BSE system. As per the Exchange trading system design, two orders cannot have the same time stamp.

Passive Orders: Passive orders are defined as the orders that already exist in the order book at the time of matching (order taking place).

Active Orders: Active orders are defined as the orders that are matched against the orders already existing in the order book at the time of matching (trade taking place).



























Disclaimer: The recommendation made herein does not constitute an offer to sell or a solicitation to buy any of the securities mentioned. Readers using the information contained herein are solely responsible for their actions. The information and views contained herein are believed to be reliable but no responsibility or liability is accepted for errors of fact or opinion. Integrity, its directors, employees and associates may or may not have trading or investment positions in the securities mentioned herein.



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